True Cost Of Down time
Picture this: It’s a busy workday, everything is running smoothly, and then—bam! Your IT system crashes. Employees are stuck, customers are frustrated, and money is slipping through the cracks. Sound familiar?
Downtime isn’t just annoying—it’s expensive. Businesses lose an average of $5,600 per minute due to IT failures. But here’s the good news: IT Asset Management (ITAM) companies can help.

What is IT Asset Management
ITAM is all about tracking, maintaining, and optimizing your IT assets—hardware, software, and cloud infrastructure. The goal? Preventing breakdowns before they happen and keeping everything in top working condition.

What are the types of IT asset management?
Generally speaking, IT assets fall into one or more of the following categories: physical, software, hardware, mobile, and the cloud. ITAM is designed to ensure successful deployment and ongoing support of IT assets. As such, it corresponds with these IT asset types.
The three primary types of IT asset management are as follow:
1. Software: This type of ITAM is a bit more complex than the others, as it involves things like compliance requirements, licensing, shadow IT, and IoT. Software assets must be continuously monitored and reviewed, and the assets must be fluid enough to follow requirements and meet demands and a changing market.
2. Hardware: Physical hardware also plays a role in an organization's IT ecosystem. These physical assets include PCs, printers, copiers, laptops, mobile devices, servers, and any other hardware that is used for data management purposes within the company.
3. Cloud: ITAM tracks the cost and usage for cloud resources including software as a service (SaaS), infrastructure as a service (IaaS) and platform as a service (PaaS). Each of these are considered assets to be managed for cost and compliance within ITAM.

IATM Key Benefits :
• Proactive Monitoring – Catch issues before they cause downtime.
• Faster Fixes : Quick detection Of IT Failure
• Better Software Management – No more out-of-date, vulnerable systems.
• Scheduled Upgrades – No unexpected breakdowns with timely replacement.
• Disaster Recovery Support – Back on track in no time after IT failures.

How ITAM Companies Minimize Downtime
1. Finding Issues Before They Happen :
Consider ITAM as a check-up with an IT doctor. Proactive monitoring offered by ITAM firms identifies problems that could disrupt operations before they become enormous.
Example: A predictive maintenance initiative led to a 40% system failure reduction for a company that adopted ITAM.
2. Faster Fixing of Problems :
During problem occurrences, ITAM provides relevant personnel swift access to asset specifics, warranties, and configurations, therefore greatly improving recoveries.
Result: Organizations that adopted ITAM witnessed a 50% decline in repair times, resulting in less downtime.
3. Staying Up to Date with Software
ITAM has the ability to update software while managing versions to eliminate potential risks of system failure caused by outdated versions.
Fact: ITAM companies are proven to have half the number of security outages compared to companies dealing with legacy systems.
4. Smart Hardware Management
Outdated hardware is never reliable. ITAM empowers businesses to take a proactive approach to hardware management and helps them avoid using devices that are reaching end of life.
Case Study: ITAM enabled companies to drastically lower unemployment IT emergency spending by 60%.
5. Simple Disaster Recovery
Regardless of the preparation in place, IT related disasters will still occur. With proper planning put in place, proactive monitoring helps companies recover swiftly with the right backup measures.
Example: Employees with outlined backup strategies are shown to recover from failures 80% more quickly.

To Conclude
IT downtime is exceptionally expensive and cumbersome, but ITAM companies mitigate those risks for businesses. It is comprehensive IT investment that helps resolve issues for quicker return on investment, alongside proactive maintenance.
What Is The Most Frustrating Challenge You Face Regarding IT Downtime?
Leave a comment below—we’d love to hear what you think!